If we are to break this downtrend we need some serious confirmation. Looking at previous data it seems plausible that a $350ish - $300ish would be a range for the bulls to take in order to convince the market of a reversal.
Failure to breakout could result in some serious dumping, tread careful.
Failure to breakout could result in some serious dumping, tread careful.
Comment:
Almost three years later, and this channel still holds true. Now that we have more data, here is a little updated line work:
